European Commission sends MiCA to parliament

Last Updated: 6 October 2022

In Europe, people are busy working on new rules for bitcoin and especially the industry around it. The so-called European crypto asset regulation (MiCA) has now been sent to the European Parliament.

So the European Commission has forwarded the bill to the next governing body. But that does not mean everything is now fixed. It is to be expected that some adjustments still need to be made.

And that’s not surprising. Because the MiCA is a plan to make all 27 EU member states equal when it comes to crypto rules.

The proposal first emerged in September of 2020. The goal is clear: there should be a legal framework for bitcoin and especially the industry. This should then happen by 2024.

A quote directly from the regulation: “It is important to ensure that [European] Union financial services legislation is fit for the digital age and contributes to a forward-looking economy that works for people, including by enabling the use of innovative technologies,” according to the latest MiCA text. “The absence of a general Union framework for crypto assets may lead to a lack of user confidence in those assets, which could significantly hinder the development of a market for those assets.”

It seems a matter of time until the MiCA is in place. And how that then plays out next. This plan is the first of its kind. Rules will continue to vary (slightly) from one European country to another, but many issues will be decided at the European level.


  • Ivan Brightly

    Ivan Brightly is a leading cryptocurrency analyst and author with over 5 years of experience in the blockchain and digital asset space. He previously served as a senior analyst at a major cryptocurrency hedge fund where he led quantitative research and trading strategy development.

    Ivan holds a Master's degree in Finance from the London School of Economics and a Bachelor's in Computer Science from Stanford University. He is frequently invited to speak at fintech and blockchain conferences worldwide on topics spanning cryptocurrency trading, blockchain technology, and the future of digital assets.

    Ivan's commentary has been featured in several major finance and technology publications including Forbes, Bloomberg, and CoinDesk. He is considered one of the most insightful voices analyzing new developments in the cryptocurrency and blockchain industry.

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